Insurance Glossary Annuitization

What means Annuitization. It is the process in insurance or finance by which you convert part or all of the money in a qualified retirement plan (see with your insurer) or it could be in a nonqualified annuity contract into a stream of regular income payments, either for your lifetime or the lifetimes of you and the other person who is your joint annuitant. But if you do that everything would be frozen in ice, you won't be able to change anything.